Sen, J. - (1.) The question of law which has been referred to this court under Section 27(1) of the Wealth-tax Act, 1957, at the instance of the Commissioner of Wealth-tax, West Bengal-I, Calcutta, is as follows : "Whether, on the facts and in the circumstances of the case and on a correct interpretation of Section 5(1)(viii) of the Wealth-tax Act, 1957, as it stood before and after amendment by Finance (No. 2) Act of 1971, the Tribunal was right in holding that ornaments intended for personal use not studded with precious or semi-precious stones were not liable to be included in the assessee's net wealth for the assessment year 1970-71 ?"
(2.) The reference arises out of the assessment of wealth-tax of Aditya Vikram Birla, the assessee, for the assessment year 1970-71. In his return the assessee did not include jewellery intended for his personal use in his net wealth on the ground that on the relevant valuation date such jewellery, that is, jewellery intended for personal use was exempt under Section 5(1)(viii) of the Wealth-tax Act, 1957, from inclusion in the assessable net wealth.
(3.) The Wealth-tax Officer accepted the above contention of the assessee and completed the assessment without including the said jewellery in the net wealth chargeable to tax.;